Dollar edges up amid focus on coronavirus developments

The US dollar inched higher against most major currencies, as investors shifted focus on the latest developments of the coronavirus pandemic in the US and other countries.

The former Chair of the Federal Reserve, Janet Yellen, estimated that the US GDP will contract by 30% during the second quarter of this year, and added that the current US unemployment rate is by 12% or 13%.

The US Department of Labor revealed that the US economy has lost around 701,000 jobs in March, and the unemployment rate increased to 4.4% from 3.5%.

Coronavirus infections rose to more than 1.3 million cases worldwide, and its death toll rose to more than 70,800 victims.

The dollar index rose by 0.1% to 100.6 points as of 17:55 GMT, after it hit a high of 100.9 and a low of 100.4.